SURYACHAKRA POWER CORPORATION LIMITED,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE-3(2), HYDERABAD

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ITA 147/HYD/2018Status: DisposedITAT Hyderabad26 April 2021AY 2010-113 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the disallowance of the excess Section 35D deduction. The lower authorities had correctly calculated the eligible deduction based on the actual capital employed.

What were the facts?

The assessee claimed deduction under Section 35D for public issue expenses. The lower authorities restricted the deduction based on the actual capital employed, which was lower than claimed by the assessee.

What were the issues?

Whether the deduction under Section 35D for public issue expenses should be allowed on the claimed capital employed or the actual capital employed.

Which sections of the Income-tax Act were involved?

Section 35D

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, HYDERABAD BENCHES “A” : HYDERABAD

Before: SHRI S.S.GODARA & SHRI LAXMI PRASAD SAHU

(Appellant) (Respondent) For Assessee : NONE For Revenue : Shri Sunil Kumar Pandey, DR Date of Hearing : 23-02-2021 Date of Pronouncement : 26-04-2021 O R D E R PER S.S.GODARA, J.M. : This assessee’s appeal for AY.2010-11 arises from the CIT(A)-3, Hyderabad’s order dated 17-11-2017 passed in case No.0250 / DCIT-3(2) / Hyd / CIT(A)-3 / 2016-17 in proceedings u/s.143(3) r.w.s. 263 of the Income Tax Act, 1961 [in short, ‘the Act’]. Case called twice. None appeared at assessee’s behest. He is accordingly proceeded ex-parte.

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